DALLAS – ACE Cash Express, Inc. (Nasdaq: AACE) announced today that the Company’s Board of Directors has authorized a new $20 million share repurchase program. The authorization is effective immediately and has no set expiration date. The Company may make repurchases from time to time in the open market or through negotiated transactions depending upon market conditions.
“The Board’s authorization is consistent with our strategy to allocate our capital by reinvesting our cash flow in acquisitions, new store growth and share repurchases, with a focus on delivering long-term value to shareholders,” said Jay B. Shipowitz, President and Chief Executive Officer.
This share repurchase program replaces the Company’s previous share repurchase program. All purchases made and prices paid will be based upon market conditions and made in compliance with securities guidelines. This authorization does not obligate the Company to acquire any shares and may be terminated by the Board at any time.
About ACE Cash Express
ACE Cash Express, Inc. is a leading retailer of financial services, including check cashing, short-term consumer loans and bill payment services, and the largest owner, operator and franchisor of check cashing stores in the United States. As of March 31, 2005, ACE had a network of 1,331 stores in 37 states and the District of Columbia, consisting of 1,118 company-owned stores and 213 franchised stores. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to check cashing services and short-term consumer loans. ACE’s website is found at http://www.acecashexpress.com.
